Playtech Founder Sells $433.5M Share Stake
Teddy Sagi, the founder of one of the world’s most successful and reputable online casino software providers and one of the biggest names in the gaming industry, Playtech, has decided to sell 36.5 million of ordinary shares in Playtech.
Brickington Trading Offloads Playtech Shares
A firm Brickington Trading Limited, the wholly owned subsidiary of a trust of which Playtech founder, Teddy Sagi, is an ultimate beneficiary, initially planned to offload 32 million ordinary shares but ended up selling 4.5 million more at a price of 924 pence ($11.86).
Playtech understands the latest move comes after a ‘strong investor demand’ which is why Brickington agreed to increase the size of the placing to 36.5 million.
Once the placing of shares is fully allocated, Brickington will continue to hold approximately 7.7 pct of company’s issued share capital which accounts for roughly 20.1 million shares or 6.6% of Playtech.
As for Teddy Sagi, the man who founded Playtech back in 1999, will raise almost $433.5 million through the sale of what stands at 11.5% of the company. Mr. Sagi began selling down his shareholding stake in Playtech back in November. No longer the largest shareholder in the company, Sagi claims that divestment was part of a move to shift his focus to real estate investment projects.
Sagi Shifts Attention to Other Projects
Sagi’s other company LabTech Investment owns a large area of land in Holborn, London, and is currently involved in the process of taking over the company that owns most of the Camden Market.
“I still believe in the long-term success of Playtech. I want to further develop my property portfolio, not only in London but also in other European capital cities, and be in the vanguard of the co-working revolution”, Sagi was quoted by the Financial Times.
Mr. Sagi’s sale of Playtech shares resulted in Playtech registering a drop in share value from a record high hit last week down by 3.6%.